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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
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& D3 e$ Z- z, i* G1 wOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 ^. Q5 ]+ Y0 s$ P8 X3 S7 ?
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) t( i7 w# m/ i
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
% c: s3 p4 {- f( z8 F' G& Voperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
. i+ H. n4 a, Q; `2 Q/ B, hstrong momentum in emerging market economies, some consolidation of the recovery in the
+ {! @# \# p$ Y# Q1 @1 }6 a& LUnited States, Japan and other industrialized economies, and the possibility of renewed weakness: ~* Y6 ? V- `3 o. h" {
in Europe. The required rebalancing of global growth has not yet materialized.% G9 o" z, H$ N2 p: r8 A$ h) X: h
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal/ o% U5 i" O, }# l
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) ]& h- B9 E1 K+ p( w* F
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 A: b( ~9 I' Y' Rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
; b6 I/ n t2 h! ^important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) ^/ z5 ]3 q. J% o1 v7 |# wspillover into Canada from events in Europe has been limited to a modest fall in commodity9 J p$ X0 |3 P# J/ j8 _4 L
prices and some tightening of financial conditions.
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h' x& q6 W) D) E: I! zActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 O+ x& o# J& R) U% y3 I7 B
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
9 x- c6 W5 H9 mGoing forward, household spending is expected to decelerate to a pace more consistent with
; l/ J9 ]3 d8 e( g3 M' b: Jincome growth. The anticipated pickup in business investment will be important for a more
7 J( L- x$ T6 }+ b. {balanced recovery.0 w6 C. C! z$ U. v
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) N/ }+ M# L; L h0 {/ G
the combined influences of strong domestic demand, slowing wage growth, and overall excess \- _/ A0 g( }2 }. o) d( R
supply." G) g8 c7 C) _- P: r; q& ]+ x7 C. f* v
( ^2 a" y/ u, M* j* c8 ^; h6 ZIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and( _$ j# ~3 B" K( d9 ^2 g8 Q4 i
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 u9 `3 ^: w7 X" h3 E9 E/ N6 ]
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# A" m: C" d# c1 k! m; i0 lsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., Y( }5 ^1 ?' C7 K
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 J) Y7 Q! L8 n1 j$ Kstimulus would have to be weighed carefully against domestic and global economic
/ z3 T! z2 Z% o+ pdevelopments.; ^6 d3 _' L* e9 @
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Information note:# y. a ?( o% T
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
4 D1 R: C4 ^. v: i P4 X6 |of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- X+ G, w/ z& K* S5 v/ m, w( ~published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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楼主
发表于 2010-6-1 10:11
发表于 2010-6-1 12:38
小罚一下， 请您做一碗正宗的麻辣面犒劳一下版主游侠同志！